Want a very quick solution to the privatized gains and socialized losses of modern financial services…?
As I was reading of yet another spectacular mismatch between bank managers’ competence and their remuneration, and this time at JPMorgan (NYSE:JPM) no less, I realized there is a simple solution which really could be implemented.
Make the cost of regulation zero — or very nearly — for unlimited liability partnerships. Then let judicious self-interest, exercised by the partners themselves, do the rest. Read